UK Chancellor of the Exchequer Announces Increase in Capital Gains Tax on Most Assets

In his budget speech on October 30, Chancellor of the Exchequer Reeves said that capital gains tax on most assets would rise from the lower rate of 10% to 18%, and from 20% to 24% for high earners, and said that the changes to the system would raise £2.5 billion. The increase in capital gains tax brings the rate of tax on most assets in line with the rate payable on property. Capital gains tax is paid on profits of more than 3,000 pounds ($3,896.70) from the sale of assets, and the rate depends on the amount of income tax people usually pay and the size of the gain.